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HomeMy WebLinkAbout8419-93 Amending Ordinance #8318-92 Issuance of Revenue Bonds Waterworks Ii ORDINANCE No. 8419-93 Passed by the Common Council of the City of South Bend, Indiana. September 27, 1993 Attest: "" `' City Cic Clerk IRENE K. GAMMON Attest: _ e President of Common Council Presented by me to the Mayor of the City of South Bend, Indiana_ September 28, 1993 City Clerk IRENE K. GAMMON Approved and signed by me o'Z� 1993 ded4- --6-04t4--- Mayor 4 ORDINANCE NO. 8'St/9-?3 AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AMENDING ORDINANCE NO. 8318-92 ENTITLED "AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AUTHORIZING THE ACQUISITION AND CONSTRUCTION OF EXTENSIONS, ADDITIONS AND IMPROVEMENTS TO THE MUNICIPAL WATERWORKS OF THE CITY OF SOUTH BEND, INDIANA, AUTHORIZING THE ISSUANCE OF REVENUE BONDS TO PROVIDE FOR THE COSTS THEREOF, AND AUTHORIZING THE COLLECTION, SEGREGATION AND DISTRIBUTION OF THE REVENUES OF SUCH WATERWORKS AND OTHER RELATED MATTERS" STATEMENT OF PURPOSE AND INTENT: The City of South Bend, Indiana ("City") , is the owner of and operates an unencumbered waterworks system (the "Waterworks") by and through its Board of Waterworks (the "Board") furnishing the public water supply to the City and its inhabitants pursuant to the provisions of IC 8-1. 5, as amended (the "Act") . The Board, at a meeting on November 4, 1992, adopted Resolution No. 1992-10, by which the Board represented to the Common Council of the City (the "Common Council") and the Common Council determined that certain extensions, additions and improvements to the Waterworks (the "Project") , are necessary in order to serve adequately and protect and promote the public health, welfare and property of the inhabitants of the City. The Common Council subsequently adopted Ordinance No. 8318-92 on November 23, 1992 (the "Bond Ordinance") which Bond Ordinance authorized the issuance of waterworks revenue bonds, payable solely out of the net revenues of the Waterworks as defined therein, in an aggregate principal amount not to exceed Five Million One Hundred Thousand and 00/100 Dollars ($5, 100, 000. 00) (the "Bonds") to pay the costs of construction and completion of the Project, including all incidental and authorized expenses relating thereto, including the allocable portion of the costs of issuance such Bonds. On January 27, 1993, the City received a final order in Cause No. 39554 from the Indiana Utility Regulatory Commission, authorizing the City to issue the Bonds in an aggregate principal amount not to exceed Five Million One Hundred Thousand and 00/100 Dollars ($5, 100, 000.00) and requiring the City to comply with certain other requirements in connection with the issuance of the Bonds. Subsequent to the adoption of the Bond Ordinance, the engineers employed by the City (the "Engineers") have finalized and recommended the components of the Project to be completed using proceeds of the Bonds and have prepared and filed preliminary descriptions, specifications and estimates of such components with the Board. Additionally, the Common Council, upon the recommendation of Municipal Consultants, the financial advisor to the City with respect to the Bonds (the "Financial Advisor") , has f t ( F determined that it is desirable to fund the debt service reserve for the Bonds provided for in the Bond Ordinance from proceeds of the Bonds. The Common Council desires to amend the Bond Ordinance to provide with more specificity the terms of the Bonds and the components of the Project to be financed with proceeds of the Bonds. NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: Section 1. Amending Provisions. The Bond Ordinance is amended by replacing the existing Sections 2, 4, 7, 9, 10, 14, 15 and 25 of the Bond Ordinance with the following: Section 2 . Description of the Project. The Project shall be constructed, installed, and equipped in accordance with the plans provided by the Engineers and the Department of Waterworks. The Project shall consist of the following: acquisition and renovation and remodeling of a building to accommodate relocation of the main office of the Waterworks; improvements to the Edison and Pinhook filtration plants, consisting of upgrading the iron removing capabilities of such plants; rehabilitation of existing reservoirs to include roof replacement; repainting of two existing tanks; and the construction and installation of five new wells throughout the City Section 4. The Bonds. In accordance with the Act and for the purpose of providing funds with which to pay the costs of the Project, together with authorized expenses relating thereto, including the costs of issuance of such bonds, the City shall issue and sell its waterworks revenue bonds pursuant to the provisions of the Act and this Ordinance, which bonds shall be payable solely from the Waterworks Sinking Fund created hereinbelow (the "Sinking Fund") to be provided from the Net Revenues (herein defined as the gross revenues of the Waterworks of the City remaining after the payment of the reasonable expenses of operation, repair and maintenance) of the Waterworks of the City. The bonds authorized by this Ordinance shall be designated as "City of South Bend, Indiana, Waterworks Revenue Bonds of 1993" (the "Bonds") , shall be issued in the principal amount not to exceed Five Million One Hundred Thousand and 00/100 Dollars ($5, 100, 000. 00) , shall be issued in the denominations of Five Thousand and 00/100 Dollars ($5, 000. 00) and any integral multiple thereof not exceeding the aggregate principal amount of the Bonds maturing in any one year, shall be numbered consecutively from 93R-1 upward, and shall bear interest 2 f i 4 at a rate or rates not exceeding eight percent (8%) . (The exact rate or rates to be determined by bidding) . Interest on the Bonds shall be payable semi-annually on January 1 and July 1 of each year beginning on January 1, 1994 (each an "Interest Payment Date") , and such interest shall be calculated on the basis of twelve (12) thirty (30) -day months for a three hundred and sixty (360) -day year. The Bonds shall mature serially on January 1, in the years and in the principal amounts as follows: Principal Principal Year Amount Year Amount 1995 210, 000 2003 340, 000 1996 220, 000 2004 370, 000 1997 235, 000 2005 395, 000 1998 250, 000 2006 425, 000 1999 265, 000 2007 460, 000 2000 280,000 2008 495, 000 2001 300, 000 2009 535, 000 2002 320, 000 The Bonds shall bear an original issue date which shall be the first day of the month in which the Bonds are delivered to the purchaser or purchasers thereof, and each Bond shall also bear the date of its authentication. Any Bond authenticated on or before December 15, 1993 , shall pay interest from its original issue date. Any Bond authenticated thereafter shall pay interest from the Interest Payment Date next preceding the date of authentication of such Bond to which interest thereon has been paid or duly provided for, unless such Bond is authenticated after the fifteenth (15th) day of the month immediately preceding an Interest Payment Date and on or before such Interest Payment Date, in which case interest thereon shall be paid from such Interest Payment Date. Principal of and redemption premium, if any, on the Bonds shall be payable at the office of the Paying Agent, as defined and described herein. All payments of interest on the Bonds shall be paid by check or draft mailed or delivered one business day prior to such payment date by the Paying Agent to the registered owner thereof at the address as it appears on the registration books kept by the Registrar, as defined and described herein, as of the fifteenth (15th) day of the month immediately preceding the Interest Payment Date or at such other address as may be provided to the Paying Agent in writing by such registered owner. All payments of the Bonds shall be made in any coin or currency of the United 3 • t � • States of America which, on the dates of such payments, shall be legal tender for the payment of public and private debts. Section 7. Redemption of the Bonds. (a) Optional Redemption. The Bonds maturing on or after January 1, 2004, shall be redeemable at the option of the City, in whole or in part, on January 1, 2003, or at any time thereafter, in inverse order of maturity, and by lot within any such maturity or maturities by the Registrar, at a redemption price expressed as a percentage of the principal amount of each Bond to be redeemed in accordance with the following schedule, plus accrued interest to the redemption date: Redemption Period (Both Dates Inclusive) Redemption Price January 1, 2003 through December 31, 2003 102% January 1, 2004 through December 31, 2004 101% January 1, 2005 and thereafter prior to maturity 100% Official notice of such redemption shall be mailed by the Registrar and Paying Agent by certified or registered mail at least thirty (30) days and not more than sixty (60) days prior to the scheduled redemption date to each of the registered owners of the Bonds called for redemption (unless waived by any such registered owner) at the address shown on the registration books of the Registrar and Paying Agent, or at such other address as is furnished in writing by such registered owner to the Registrar; provided, however, that failure to give such notice by mailing, or any defect therein, with respect to any Bond shall not affect the validity of the proceedings for the redemption of any other Bond. The notice shall specify the redemption price, the date and place of redemption, and the registration numbers (and, in case of partial redemption, the respective principal amounts). of the Bonds called for redemption. The place of redemption may be at the office of the Registrar and Paying Agent or as otherwise determined by the City. Interest on the Bonds (or portions thereof) so called for redemption shall cease to accrue on the redemption date fixed-in such notice, if sufficient funds are available at the place of redemption to pay 4 f 1 the redemption price on the redemption date and when such Bonds (or portions thereof) are presented for payment. Any Bond redeemed in part may be exchanged for a Bond or Bonds of the same maturity in authorized denominations equal to the remaining principal amount thereof. At the time of payment of the principal of, premium, if any, and interest on any Bonds called for redemption, such Bonds shall be surrendered for cancellation. In addition to the foregoing notice, the City may also direct that further notice of redemption of the Bonds be given, including without limitation and at the option of the City, notice described in paragraph (1) below given by the Registrar and Paying Agent to the parties described in paragraphs (2) and (3) below. No defect in any such further notice and no failure to give all or any portion of any such further notice shall in any manner defeat the effectiveness of any call for redemption of Bonds so long as notice thereof is given as prescribed above. (1) If so directed by the City, each further notice of redemption given hereunder shall contain the information required above for an official notice of redemption plus (i) the CUSIP numbers of all Bonds being redeemed; (ii) the date of issue of the Bonds as originally issued; (iii) the rate of interest borne by each Bond being redeemed; (iv) the maturity date of each Bond being redeemed; and (v) any other descriptive information needed to identify accurately the Bonds being redeemed. (2) If so directed by the City, each further notice of redemption shall be sent at least thirty-five (35) days before the redemption date by registered or certified mail or overnight delivery service to all registered securities depositories then in the business of holding substantial amounts of obligations of types comprising the Bonds (such depositories now being 5 ( A Depository Trust Company of New York, New York, Midwest Securities Trust Company of Chicago, Illinois, Pacific Securities Depository Trust Company of San Francisco, California, and Philadelphia Depository Trust Company of Philadelphia, Pennsylvania) and to one or more national information services that disseminate notices of redemption of obligations such as the Bonds (such as Financial Information, Inc. 's Financial Daily Called Bond Service, Kenny Information Service's Called Bond Service, Moody's Municipal and Government News Report, and Standard & Poor's Called Bond Record) . (3) If so directed by the City, each such further notice shall be published one time in The Bond Buyer of New York, New York, or, if the Registrar believes such publication is impractical or unlikely to reach a substantial number of the holders of the Bonds, in some other financial newspaper or journal which regularly carries notices of redemption of other obligations similar to the Bonds, with any such publication to be made at least thirty (30) days prior to the date fixed for redemption. Upon the payment of the redemption price of the Bonds (or portions thereof) being redeemed and, if so directed by the City, each check or other transfer of funds issued for such purpose shall bear the CUSIP number identifying, by issue and maturity, the Bonds (or portions thereof) being redeemed with the proceeds of such check or other transfer. (b) Mandatory Sinking Fund Redemption. At the option of the successful bidder for the Bonds, all or a portion of the Bonds may be aggregated into one or more term bonds payable from mandatory sinking fund redemption payments (the "Term Bonds") required to be made as set forth below. The Term Bonds shall 6 • have a stated maturity or maturities on January 1 of the years 1995 through 2009 as determined by the successful bidder. In the event that the successful bidder opts to aggregate certain Bonds into Term Bonds, such Term Bonds shall be subject to mandatory sinking fund redemption prior to maturity at a redemption price equal to 100% of the principal amount thereof, plus accrued interest to the redemption date, but without premium, on January 1 of each year and in the principal amount corresponding to and consistent with the maturity schedule for the Bonds set forth in Section 4 of this Ordinance. The Registrar and Paying Agent shall credit against any mandatory sinking fund requirement for a Term Bond of a particular maturity, any Bonds of such maturity delivered to the Registrar and Paying Agent for cancellation or purchased for cancellation by the Registrar and Paying Agent and cancelled by the Registrar and Paying Agent and not theretofore applied as a credit against any mandatory sinking fund requirement. Each Bond so delivered or purchased shall be credited by the Registrar and Paying Agent at 100% of the principal amount thereof against the mandatory sinking fund requirements for the applicable Term Bond in inverse order of mandatory sinking fund redemption dates, and the principal amount of such Term Bond to be redeemed on such mandatory sinking fund redemption dates by operation of the mandatory sinking fund requirements shall be reduced accordingly; provided, however, the Registrar and Paying Agent shall only credit Bonds against the mandatory sinking fund requirements to the extent such Bonds are received on or before 45 days preceding the applicable mandatory sinking fund redemption date. Notice of any such mandatory sinking fund redemption shall be given in the same manner as notice of optional redemption is required to be given pursuant to Section 7 of this Ordinance. 7 • 1 In the event any of the Bonds are issued as Term Bonds, the form of the Bond set forth in Section 9 of this Ordinance shall be modified accordingly. Any reference to payment of principal on the Bonds shall include payment of scheduled mandatory sinking fund redemption payments described in this Section 7 (b) . Section 9. Form of the Bonds. The form and tenor of the Bonds shall be substantially as set forth in Appendix A, attached hereto and incorporated herein as if set forth at this place (with all blanks to be properly completed prior to the preparation of the Bonds) . Section 10. Sale of the Bonds. The Bonds shall be sold at public sale. In no event shall the Bonds be sold at a purchase price of less than ninety- eight percent (98%) of the par value of the Bonds, plus accrued interest thereon, if any, to the date of delivery. The Bonds shall be offered and sold pursuant to an Official Statement with respect to the Bonds (the "Official Statement") , to be made available and distributed in such manner, at such times, for such periods and in such number of copies as may be required pursuant to Rule 15c2-12 promulgated by the United States Securities and Exchange Commission (the "Rule") and any and all applicable rules and regulations of the Municipal Securities Rulemaking Board. The Common Council hereby authorizes the Board (a) on behalf of the City, to designate the Official Statement a "Final Official Statement" for purposes of the Rule, and (b) to enter into such agreements or arrangements as may be necessary or advisable in order to provide for the distribution of a sufficient number of copies of the Official Statement under the Rule; and (c) to employ the firm of Municipal Consultants to serve the City as financial advisor with respect to the Bonds and in connection with the preparation of the Official Statement, all on such terms as may be mutually acceptable to the parties. The Bonds shall be sold at public sale in accordance with Indiana law. Prior to the sale of the Bonds, the Controller shall conduct the sale of the Bonds by publication of a notice of intent to sell bonds once each week for two weeks in the South Bend Tribune and the Tri-County News, both published in the County of St. Joseph, Indiana, and in the Indianapolis Commercial published in the City of Indianapolis, Indiana, or such other newspapers as may be required pursuant to the Act 8 • and Indiana Code 5-1-11 and in such other publications, if any, deemed appropriate in the discretion of the Controller. The notice shall state that any person interested in submitting a bid for the Bonds may furnish in writing, at the address set forth in the notice, the person's name, address and telephone number, and that any such person may also furnish a telex number. The notice must also state the time within which the name, address and telephone number must be furnished, which must not be less than seven (7) days after the last publication of the notice. Each person so registered shall be notified of the date and time bids will be received not less than twenty-four (24) hours before the date and time of sale. The notification shall be made by telephone at the number furnished by the person, and also by telex if the person furnishes a telex number. The notice of intent to sell bonds shall state further the purpose for which the Bonds are being issued, the total amount, maturities, and denominations thereof, the maximum rate of interest thereon and any limitations as to the number of interest rates and the setting of such rates, the terms and conditions upon which bids will be received and the sale made, and such other information as the Controller and the attorneys employed by the City or by the Board shall deem necessary or advisable. Such notice shall provide, among other things, that each bid shall be accompanied by a certified or cashier's check in the amount equal to one percent (1%) of the principal amount of the Bonds to guarantee performance on the part of the bidder, and that in the event the successful bidder shall fail or refuse to accept delivery of and pay for the Bonds as soon as the Bonds are ready for delivery, or at the time fixed in the notice, then such check and the proceeds thereof shall become the property of the City and shall be considered as the City's liquidated damages on account of such default. All bids for the Bonds shall be sealed and shall be presented to the Controller at the office of the Controller. Bidders for the Bonds shall be required to name the rate or rates of interest which the Bonds are to bear, which rate or rates shall not exceed eight percent (8%) . Bids specifying more than one interest rate shall also specify the amount and maturities of the Bonds bearing each rate. All Bonds maturing on the same date shall bear the same interest rate. The Controller shall award the Bonds to the best bidder who has submitted a bid in accordance with the terms of this Ordinance and the notice. The best bidder will be the one who offers the lowest interest cost to the City, to be determined by computing the total interest on all of 9 e the Bonds from the date thereof to their respective maturities and deducting therefrom the premium bid, if any, or adding thereto the amount of any discount. No bid for less than all of the Bonds or for less than ninety-eight percent (98%) of the par value of the Bonds, plus accrued interest to the date of delivery, shall be considered. The City shall have the right to reject any and all bids. In the event an acceptable bid is not received on the date fixed in the notice, the Controller shall be authorized to continue the sale from day to day for a period of not to exceed thirty (30) days without readvertisement, subject to the requirements of Indiana law. Prior to the delivery of the Bonds, the Controller, subject to the direction of the Board, (i) shall be authorized to investigate and to obtain insurance, other forms of credit enhancement and/or credit ratings on the Bonds, and (ii) shall obtain a legal opinion as to the validity of the Bonds from Baker & Daniels, South Bend, Indiana, bond counsel for the City with respect to the Bonds, with such opinion to be furnished to the purchaser or purchasers of the Bonds at the expense of the City. The costs of obtaining any such insurance, other credit enhancement and/or credit ratings, together with bond counsel's fee in preparing and delivering such opinion and in the performance of related services in connection with the issuance, sale and delivery of the Bonds, shall be considered as a part of the costs of issuance of the Bonds and shall be paid out of the proceeds of the sale of the Bonds. Section 14. Disposition of Proceeds of the Bonds; Waterworks Construction Account. The proceeds from the sale of the Bonds shall be deposited and applied as follows: (a) The accrued interest and premium received at the time of the delivery of the Bonds, if any, shall be deposited in the Bond and Interest Account, as defined and described herein. (b) A portion of the proceeds from the sale of the Bonds will be deposited into the Debt Service Reserve Account defined and described hereinbelow, which amount shall, in no event, exceed the Reserve Requirement established for the Bonds in Section 15 hereinbelow. 10 • • (c) The remaining proceeds from the sale of the Bonds shall be deposited in a bank or banks which are legally qualified depositories for the funds of the City, in a special account or accounts to be designated as "City of South Bend, Waterworks Construction Account" (hereafter called the "Construction Account") , and shall be in the custody and control of the Board. Each of such special accounts shall be deposited, secured, and held or invested in accordance with the laws of the State of Indiana relating to the depositing, securing, and holding or investing of public funds, including particularly applicable provisions of Indiana Code 5-13-9, as amended. Any interest or income derived from any such investments shall become a part of the moneys in the Fund or Account so invested. Amounts in the Construction Account shall be expended only for the purpose of paying the costs of the Project herein authorized, together with the incidental expenses incurred in connection therewith and the costs of the issuance of the Bonds. Any balance or balances remaining unexpended in the Construction Account after completion of the Project, which are not required to meet unpaid obligations incurred in connection with the construction, installation, and equipping of the Project, shall be used solely for one or more of the purposes permitted under the provisions of IC 5-1-13, as amended. Section 15. Segregation and Application of Revenues; Accounts of Waterworks. The income and revenues of the Waterworks, together with the income and revenues of all extensions, additions, improvements thereto, and replacements thereof made pursuant to this Ordinance, or subsequently, shall be set aside into separate and special funds and accounts created and established herein below, to be used and applied in the maintenance and operation thereof, in establishing an improvement fund, and payment of the principal of all bonds which by their terms are payable from the Net Revenues of the Waterworks, together with the interest thereon. (a) Revenue Fund. All income and revenues of the Waterworks shall be paid into the Revenue Fund hereby created and 11 established (the "Revenue Fund") , which fund shall be maintained separate and apart from all other bank accounts of the City. (b) Operation and Maintenance Fund. There shall be credited on the last day of each calendar month a sufficient amount of the revenues of the Waterworks so that the balance in the Operation and Maintenance Fund hereby created and established (the "Operation and Maintenance Fund") shall be sufficient to pay the expenses of operation, • repair and maintenance for the then next succeeding two calendar months. The moneys credited to the Operation and Maintenance Fund shall be used for the payment of the reasonable and proper operation, repair and maintenance expenses of the Waterworks on a day-to-day basis, but none of the moneys in such Operation and Maintenance Fund shall be used for depreciation, replacements, improvements, extensions or additions. Any balance in said Operation and Maintenance Fund in excess of the expected expenses of operation, repair and maintenance for the next succeeding two calendar months may be transferred to the Sinking Fund if necessary to prevent a default in the payment of principal of or interest on the outstanding bonds of the Waterworks. (c) Waterworks Sinking Fund. There shall be set aside and deposited in the Waterworks Sinking Fund hereby created and established (the "Sinking Fund") for the payment of the principal of and interest on revenue bonds which by their terms are payable from the Net Revenues of the Waterworks, and for the payment of any fiscal agency charges in connection with the payment of bonds and interest, as available, and as hereinafter provitled, a sufficient amount of the Net Revenues of said Waterworks to meet the requirements of the Bond and Interest Account and of the Debt Service Reserve Account described herein in said Sinking Fund. Such payments shall continue until the balance in the Bond and Interest Account, plus the balance in the Debt Service Reserve Account hereinafter described, equals the amount needed to redeem all of the then outstanding bonds. 12 (1) Bond and Interest Account. There shall be transferred, on the last day of each calendar month, from the Revenue Fund and credited to the Bond and Interest Account hereby created and established (the "Bond and Interest Account") an amount of the Net Revenues equal to the sum of one-sixth (1/6) of the principal and one-twelfth (1/12) of the interest on all then outstanding bonds payable from Net Revenues on the next succeeding principal and interest payment dates, until the amount so credited shall equal the principal payable during the next succeeding twelve (12) calendar months and the interest payable during the next succeeding six (6) calendar months. There shall similarly be credited to the account any amount necessary to pay the bank fiscal agency charges for paying principal and interest on the bonds as the same become payable. The City shall, from the sums deposited in the Sinking Fund and credited to the Bond and Interest Account, remit promptly to the bank fiscal agency sufficient moneys to pay the principal and interest on the due dates thereof together with the amount of bank fiscal agency charges. (2) Debt Service Reserve Account. The City shall deposit, if necessary, as a reserve for the Bonds into the Debt Service Reserve Account hereby created and established (the "Debt Service Reserve Account") revenues of the Waterworks so that the amount when coupled with the balance in the Debt Service Reserve Account equals the reserve requirement for the Bonds (the "Reserve Requirement") . The Reserve Requirement for the Bonds shall be equal to the lesser of (i) the maximum annual debt service on the Bonds, or (ii) one hundred twenty-five percent (125%) of the 13 average annual principal and interest payable on the Bonds, or (iii) ten percent (10%) of the proceeds of the Bonds (plus a "minor portion" thereof defined and permitted pursuant to the Internal Revenue Code of 1986 as amended and as in effect on the date of delivery of the Bonds (the "Code") ) . The Debt Service Reserve Account shall constitute the margin for safety and as protection against default in the payment of principal of and interest on the Bonds and the moneys in the Reserve Account shall be used to pay current principal and interest on the Bonds to the extent that moneys in the Bond and Interest Account are insufficient for that purpose. Any deficiency in the balance maintained in the Debt Service Reserve Account shall be promptly made up from the next available Net Revenues remaining after credits into the Bond and Interest Account. In the event moneys in the Debt Service Reserve Account are transferred to the Bond and Interest Account to pay principal and interest on the Bonds, then such depletion of the balance in the Debt Service Reserve Account shall be made up from the next available Net Revenues after the credits into the Bond and Interest Account hereinabove provided for. Any moneys in the Debt Service Reserve Account in excess of the Reserve Requirement may be used for the prepayment of installments of principal on the then outstanding Bonds which are then callable or prepayable, or for the purchase of outstanding Bonds or installments of principal of the Bonds at a price not exceeding par and accrued interest, or may be transferred to the Waterworks Improvement Fund as provided below. However, in no event shall moneys in excess of the Reserve Requirement be held in the Debt Service Reserve Account. 14 • 1 } t • (d) Waterworks Improvement Fund. After meeting the requirements of the Operation and Maintenance Fund and the Sinking Fund, any excess revenues may be transferred or credited to the Waterworks Improvement Fund hereby created and established (the "Waterworks Improvement Fund") , and said Fund shall be used for improvements, replacements, additions and extensions of the Waterworks. Moneys in the Waterworks Improvement Fund shall be transferred to the Sinking Fund if necessary to prevent a default in the payment of principal and interest on the then outstanding bonds or, if necessary, to eliminate any deficiencies in credits to or minimum balance in the Debt Service Reserve Account of the Sinking Fund or may be transferred to the Operation and Maintenance Fund to meet unforeseen contingencies in the operation and maintenance of the Waterworks. (e) Investment of Funds. The Sinking Fund shall be deposited in and maintained as a separate bank account or accounts from all other bank accounts of the City. The Operation and Maintenance Fund and the Waterworks Improvement Fund may be maintained in a single bank account, or accounts, but such bank account, or accounts, shall likewise be maintained separate and apart from all other bank accounts of the City and apart from the Sinking Fund bank account or accounts. All moneys deposited in the bank accounts shall be deposited, held and secured as public funds in accordance with the public depository laws of the State of Indiana; provided, that moneys therein may be invested in obligations in accordance with the applicable laws, including particularly Indiana Code, Title 5, Article 13, Chapter 9, as amended or supplemented, and in the event of such investment the income therefrom shall become a part of the funds invested and shall be used only as provided in this ordinance. Section 25. Rates and Charges. The estimate of the rates and charges which will be needed and charged to the general classes of users or property to be served by the Waterworks in order to provide sufficient moneys to make payments of principal of and interest on the Bonds and other bonds which by their terms are payable 15 from the revenues of the Waterworks, as described herein, along with the other payments identified in this Ordinance, is set forth in Ordinance No. 8305-92 entitled "AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND ESTABLISHING A NEW SCHEDULE OF RATES AND CHARGES FOR SERVICES RENDERED BY THE CITY OF SOUTH BEND WATER WORKS AND THE AMENDING OF CHAPTER 17, ARTICLE 4, SECTIONS 17- 45, 17-46, 17-47, 17-48 OF THE SOUTH BEND MUNICIPAL CODE" adopted by the Common Council on October 12, 1992, as amended by Ordinance No. 8357-93 entitled "AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND ESTABLISHING A NEW SCHEDULE OF RATES AND CHARGES FOR SERVICES RENDERED BY THE CITY OF SOUTH BEND WATER WORKS AND THE AMENDING OF CHAPTER 17, ARTICLE 4, SECTIONS 17- 45, 17-46, 17-47, 17-48 OF THE SOUTH BEND MUNICIPAL CODE" adopted by the Common Council on February 22, 1993 . Section 2. Validity of Remaining Provisions. All remaining terms and conditions of the Bond Ordinance not amended herein remain in full force and effect. Section 3. Effective Date. This Ordinance shall be in full force and effect from and after its passage and approval by the Common Council and signing by the Mayor. COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA By: Member of tYie Common Council ErFP"OtiTy Trruefi'liTir- . opportunity for public discussion rrrompola\sthbend\waterwor.ks\amending.ord;drf;9-7-93 Filed in Clerk's Office /� 1st READING 9-49`,��5 PUBLIC HEARING 9-o?7-93 3rd READING p g7 7_ 43 NOT APPROVED 16 REFERRED IRENE GAMMON PASSED CITY CLERK,SO.BEND,IN. APPENDIX A TO THE BOND ORDINANCE FORM OF REGISTERED BOND (Form of Face of Bond) UNITED STATES OF AMERICA STATE OF INDIANA, COUNTY OF ST. JOSEPH CITY OF SOUTH BEND, INDIANA, WATERWORKS REVENUE BOND OF 1993 No. 93R- Interest Maturity Original Authentication Rate Date Date Date CUSIP 1, _ 1, 1993 Registered Owner: Principal Amount: The City of South Bend (the "City") , in St. Joseph County, State of Indiana, for value received, hereby promises to pay to the Registered Owner specified above, or registered assigns, upon surrender hereof, solely out of the special revenue fund hereinafter referred to, the Principal Amount stated above on the Maturity Date specified above (unless this bond be subject to and shall have been called for redemption prior to maturity as hereinafter provided) , and to pay interest hereon until the Principal Amount is fully paid at the Interest Rate per annum specified above from the interest payment date to which interest has been paid next preceding the Authentication Date of this bond unless this bond is authenticated after the fifteenth day of the month preceding an interest payment date and on or before such interest payment date, in which case it shall bear interest from such interest payment date, or unless this bond is authenticated on or before December 15, 1993, in which case it shall bear interest from the Original Date, which interest is payable semiannually on January 1 and July 1 of each year, commencing January 1, 1994. Interest shall be calculated on the basis of twelve (12) thirty-day months for a three hundred sixty-day year. The principal of and premium, if any, on this bond is payable at the principal corporate trust office of , in the City of • , Indiana (the "Registrar" and the "Paying Agent") . Interest hereon will be paid by check or draft mailed or delivered by the Paying Agent to the Registered Owner hereof at the address as it appears on the registration books of the Registrar as of the fifteenth day of the month immediately preceding the applicable interest payment date or at such other address as is furnished to the Paying Agent in writing by such Registered Owner. All payments on this bond shall be made in any coin or currency of the United States of America which, on the dates of such payments, shall be legal tender for the payment of public and private debts. This bond and the other bonds of this issue, together with the interest payable hereon and thereon, are payable solely from and secured by an irrevocable pledge of and constitute a first charge upon all of the net revenues (defined to be gross revenues after deduction only for the payment of the reasonable expenses of operation, repair and maintenance) derived from the Waterworks of the City, including the existing works, the improvements and extensions acquired or constructed in part. out of the proceeds of this bond and the issue of which it is a part, and all additions and improvements thereto and replacements thereof subsequently acquired or constructed. The City shall not be obligated to pay the principal of or interest on this bond except from the special fund, entitled the "Waterworks Sinking Fund" (heretofore created by Ordinance No. 8318-92, adopted November 23, 1992, as amended by Ordinance No. adopted , 1993 , each as described hereinbelow) , provided from the net revenues of such Waterworks, and neither this bond nor any of the bonds of the issue of which this bond is a part shall constitute an indebtedness of the City within the meaning of the provisions and limitations of the constitution of the State of Indiana. The City, the Registrar and the Paying Agent may deem and treat the Registered Owner hereof as the absolute owner hereof for the purpose of receiving payment of or on account of principal hereof and the interest due hereon and for all other purposes, and none of the City, the Registrar or the Paying Agent shall be affected by any notice to the contrary. This bond shall not be valid or become obligatory for any purpose or entitled to any security or benefit under the Ordinance herein described unless and until the certificate of authentication hereon shall have been executed by a duly authorized representative of the Registrar. THE TERMS AND PROVISIONS OF THIS BOND ARE CONTINUED ON THE REVERSE SIDE HEREOF AND SUCH TERMS AND PROVISIONS SHALL HAVE THE SAME EFFECT ..FOR ALL PURPOSES AS THOUGH FULLY SET FORTH AT THIS PLACE. The City hereby certifies, recites and declares that all acts, conditions and things required to be done precedent to and in the preparation, execution, issuance and delivery of this bond have been done and performed in regular and due form as required by law. -2- • IN WITNESS WHEREOF, the City of South Bend, in St. Joseph County, State of Indiana, has caused this bond to be executed in its corporate name by the manual or facsimile signature of its Mayor, countersigned by the manual or facsimile signature of its Controller and its corporate seal to be hereunto affixed, imprinted or impressed by any means and attested by the manual or facsimile signature of its' City Clerk. CITY OF SOUTH BEND By: Mayor Countersigned: Controller (Seal of the City) ATTEST: City Clerk City of South Bend, Indiana REGISTRAR'S CERTIFICATE OF AUTHENTICATION This bond is one of the City of South Bend, Indiana, Waterworks Revenue Bonds of 1993, described in the within-mentioned Ordinance. as Registrar By: Authorized Representative (Form of Reverse Side of Bond) This bond is one of an authorized issue of bonds of the City of South Bend, Indiana, of like, tenor and effect, except as to numbering, interest rates and date of maturity, in the total amount of Five Million One Hundred Thousand and 00/100 Dollars ($5, 100,000.00) numbered from 93R-1 upward, issued for the purpose of providing funds to pay the cost of certain improvements and -3- extensions to the waterworks of the City (the "Waterworks") and all expenses necessarily incurred in connection with the issuance of such bonds, as authorized by an ordinance adopted by the Common Council of the City of South Bend, Indiana (the "Common Council") on the 23rd day of November, 1992, entitled "AN ORDINANCE AUTHORIZING THE ACQUISITION AND CONSTRUCTION OF EXTENSIONS, ADDITIONS AND IMPROVEMENTS TO THE MUNICIPAL WATERWORKS OF THE CITY OF SOUTH BEND, INDIANA, AUTHORIZING THE ISSUANCE AND SALE OF REVENUE BONDS TO PROVIDE FUNDS FOR THE PAYMENT OF THE COSTS THEREOF, AND AUTHORIZING THE COLLECTION, SEGREGATION AND DISTRIBUTION OF THE REVENUES OF SUCH WATERWORKS AND OTHER RELATED MATTERS" as amended by an ordinance adopted by the Common Council on the day of September, 1993, entitled "AN ORDINANCE OF THE COMMON COUNCIL =`vOF THE CITY OF SOUTH BEND, INDIANA, AMENDING ORDINANCE NO. 8318-92 ENTITLED "AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AUTHORIZING THE ACQUISITION AND CONSTRUCTION OF EXTENSIONS, ADDITIONS AND IMPROVEMENTS TO THE MUNICIPAL WATERWORKS OF THE CITY OF SOUTH BEND, INDIANA, AUTHORIZING THE ISSUANCE OF REVENUE BONDS TO PROVIDE FOR THE COSTS THEREOF, AND AUTHORIZING THE COLLECTION, SEGREGATION AND DISTRIBUTION OF THE REVENUES OF SUCH WATERWORKS AND OTHER RELATED MATTERS" (collectively, the "Ordinance") , and in strict compliance with the provisions of Indiana Code, Title 8, Article 1. 5, and the laws amendatory thereof and supplemental thereto (the "Act") . This bond is issuable only in fully registered form in the denomination of Five Thousand and 00/100 Dollars ($5, 000. 00) or any integral multiple thereof not exceeding the aggregate principal amount of the bonds of this issue maturing in any one year. Pursuant to the provisions of the Act and the Ordinance, the principal of and interest on this bond and all other bonds of this issue and any bonds hereafter issued on a parity therewith, are equally and ratably secured by and constitute a first charge upon and are payable solely from the Waterworks Sinking Fund to be provided from the net revenues (herein defined as the gross revenues after deduction only for the payment of the reasonable expenses of operation, repair and maintenance) derived from the Waterworks, including the existing works, the improvements and extensions acquired or constructed in part out of the proceeds of this bond and the issue of which it is a part, and all additions and improvements thereto and replacements thereof subsequently constructed and acquired. This bond does not and shall not constitute an indebtedness of the City within the meaning of the provisions and limitations of the constitution of the State of Indiana, and the City is not and shall not be obligated to pay this bond or the interest thereon except from such special fund provided from such net revenues. -4- The City of South Bend irrevocably pledges the entire net revenues of the Waterworks to the extent necessary for such purposes, to the prompt payment of the principal of and interest on the bonds authorized pursuant to the Ordinance, of which this is one, and any bonds hereafter issued on a parity herewith. The City covenants that it will to the fullest extent permitted by law cause to be fixed, maintained and collected such rates and charges for services rendered by such works as are sufficient in each year to: (a) pay all legal and other necessary expenses incident to the operation of the Waterworks, including maintenance costs, operating charges, upkeep, repairs, depreciation, and interest charges on bonds or other obligations, including leases; (b) make all required deposits into the Waterworks Sinking Fund to provide for the liquidation of bonds or other obligations, including leases; (c) provide a debt service reserve for bonds or other obligations, including leases, as required by the terms of such obligations; (d) provide adequate money for working capital; (e) make all required deposits into the Waterworks Improvement Fund to provide adequate money for making extensions and replacements for the Waterworks; and (f) provide money for the payment of any taxes that may be assessed against the Waterworks. The owner of this bond shall have all of the rights, remedies and privileges provided in the Act, and under Indiana law, including the making and collecting of reasonable and sufficient rates lawfully established for the use of the services and facilities of the Waterworks, the segregation of the revenues of the Waterworks and the application of funds as provided in the Ordinance. The bonds of this issue maturing on or after January 1, 2004, are subject to redemption prior to maturity, at the option of the City, in whole or in part, on January 1, 2003 , or at any time thereafter, in inverse order of maturity and by lot within any such maturity or maturities by the Registrar at a redemption price expressed as a percentage of the principal amount of each bond to be redeemed in accordance with the following schedule, plus accrued interest to the date of redemption: Redemption Period (Both Dates Inclusive) Redemption Price January 1, 2003 through December 31, 2003 102% January 1, 2004 through December 31, 2004 101% January 1, 2005 and thereafter prior to maturity 100% Notice of any such redemption identifying the Bonds shall be sent by registered or certified mail to the Registered Owner of this bond not more than sixty (60) and not less than thirty (30) days prior to the date fixed for redemption, unless such notice is waived by the Registered Owner; provided, however, that failure to give such notice by mailing, or any defect therein, with respect -5- to any such bond will not affect the validity of any proceedings for redemption of any other such bonds. The notice shall specify the redemption price, the date and place of redemption, and the registration numbers (and in case of partial redemption, the respective principal amounts) of the bonds called for redemption. Interest on bonds so called for redemption shall cease to accrue on the redemption date fixed in such notice, so long as sufficient funds are available at the place of redemption to pay the redemption price on the redemption date or when presented for payment. Prior to the date fixed for redemption, funds shall be deposited with the Paying Agent to pay, and the Paying Agent is hereby authorized and directed to apply such funds to the payment of the bonds or portions thereof called, together with accrued interest thereon to the redemption date and any required premium. No payment shall be made by the Paying Agent upon any bond or portion thereof called for redemption until such bond shall have been delivered for payment or cancellation or the Registrar shall have received the items required by the Ordinance with respect to any mutilated, lost, stolen or destroyed bond. If this bond shall have become due and payable in accordance with its terms or this bond or a portion hereof shall have been duly called for redemption or irrevocable instructions to call this bond or a portion hereof for redemption shall be given and the whole amount of the principal and the premium, if any, and interest, so dutand payable upon this bond or such portion hereof shall be paid, or (i) sufficient moneys, or (ii) direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by the United States of America, the principal of and the interest on which when due will provide sufficient moneys for such purpose, or (iii) time certificates of deposit of a bank or banks, fully secured as to both principal and interest by obligations of the kind described in (ii) above, the principal of and interest on which when due will provide sufficient moneys for such purpose, shall be held in trust for such purpose, then and in that case this bond or such portion hereof shall no longer be deemed outstanding, entitled to the pledge of the net revenues of the Waterworks or an obligation of the City. If this bond shall not be presented for payment or redemption on the date fixed therefor, the City may deposit in trust with the Paying Agent an amount sufficient to pay such bond or the redemption price, as appropriate, and thereafter the Registered Owner shall look only to the funds so deposited in trust with the Paying Agent for payment, and the City shall have no further obligation or liability with respect thereto. -6- All bonds which have been redeemed shall be cancelled and cremated or otherwise destroyed and shall not be reissued and a counterpart of the certificate of cremation or other destruction evidencing such cremation or other destruction shall be furnished by the Registrar to the City; provided, however, that one or more new registered bonds shall be issued for the unredeemed portion of any bond without charge to the holder thereof. Subject to the provisions of the Ordinance regarding the registration of such bonds, this bond and all other bonds of the issue of which this bond is a part are fully negotiable instruments under the laws of the State of Indiana. This bond is transferable or exchangeable'bnly on the books of the City maintained for such purpose at the principal office of the Registrar, by the Registered Owner hereof in person, or by his attorney duly authorized in writing, upon surrender of this bond together with a written instrument of transfer or exchange satisfactory to the Registrar duly executed by the Registered Owner or his attorney duly authorized in writing, and thereupon a new fully registered bond or bonds in the same aggregate principal amount and of the same maturity shall be executed and delivered in the name of the transferee or transferees or the Registered Owner, as the case may be, in exchange therefor. This bond may be transferred or exchanged without cost to the Registered Owner or his attorney duly authorized in writing, except for any tax or other governmental charge which may be required to be paid with respect to such transfer or exchange. The Registrar shall not be obligated to make any exchange or transfer of this bond (i) during the fifteen (15) days immediately preceding an interest payment date on this bond or (ii) after the mailing of any notice calling this bond for redemption. The City, the Registrar and any Paying Agent for this bond may treat and consider the person in whose name this bond is registered as the absolute owner hereof for all purposes including for the purpose of receiving payment of, or on account of, the principal hereof' and the redemption premium, if any, and interest due hereon. In the event this bond is mutilated, lost, stolen or destroyed, the City may cause to be executed and the Registrar may authenticate a new bond of like date, maturity and denomination as this bond, which new bond shall be marked in a manner to distinguish it from this bond; provided, that in the case of this bond being mutilated, this bond shall first be surrendered to the Registrar, and in the case of this bond being lost, stolen or destroyed, there shall first be furnished to the Registrar evidence of such loss, theft or destruction satisfactory to the City and to the Registrar, together with indemnity satisfactory to them. In the event that this bond, being mutilated, lost, stolen or destroyed, shall have matured or been called for redemption, instead of causing to be issued a duplicate bond the Registrar may pay this bond upon surrender of this mutilated bond or upon satisfactory indemnity and proof of loss, theft or destruction in -7- the event this bond is lost, stolen or destroyed. In such event, the City and the Registrar may charge the owner of this bond with their reasonable fees and expenses in connection with the above. Every substitute bond issued by reason of this bond being lost, stolen or destroyed shall, with respect to this bond, constitute a substitute contractual obligation of the City, whether or not this bond, being lost, stolen or destroyed shall be found at any time, and shall be entitled to all the benefits of the Ordinance, equally and proportionately with any and all other bonds duly issued thereunder. The Registrar or Paying Agent may at any time resign as registrar or paying agent by giving thirty (30) days' written notice to the City and by first-class mail to the registered owners of bonds then outstanding, and such resignation will take effect at the end of such thirty (30) days or upon the earlier appointment of a successor registrar or paying agent, as the case may be, by the City. Such notice to the City may be served personally or be sent by registered mail. The Registrar or Paying Agent may be removed at any tfime as registrar or paying agent by the City, in which event the City may appoint a successor registrar or paying agent, as the case may be. The City shall notify the registered owners of this bond, if then outstanding, by first-class mail of the removal of the Registrar or Paying Agent. Notices to registered owners of bonds shall be deemed to be given when mailed by first-class mail to the addresses of such registered owners as they appear in the registration books kept by the Registrar. In the manner provided in the Ordinance, (a) without notice to or consent of the owners of the Bonds authorized thereunder, including this Bond, the City may, from time to time and at any time, adopt a supplemental ordinance or ordinances for specified purposes, and (b) the Ordinance and the rights and obligations of the City and the owners of the bonds authorized thereunder, including this bond, may (with certain exceptions as stated in the Ordinance) be modified or amended with the consent of the owners of at least sixty-six and two-thirds percent (66 2/3%) in aggregate principal amount of such bonds exclusive of any such bonds which may be owned by the City. The bonds authorized and issued pursuant to the Ordinance, including this bond, are subject to defeasance prior to redemption or payment as provided in the Ordinance, and the Registered Owner of this bond, by the acceptance hereof, hereby agrees to all the terms and provisions contained in the Ordinance. The following abbreviations, when used in the inscription on the face of the within Bond, shall be construed as though they were written out in full according to applicable laws or regulations. -8- • , • TEN. COM. - as tenants in common TEN. ENT. - as tenants by the entireties JT. TEN. - as joint tenants with right of survivorship and not as tenants in common UNIF. GIFT MIN. ACT - Custodian (Cust) (Minor) under Uniform Gifts to Minors Act (State) Additional abbreviations may also be used though not in the list above. ASSIGNMENT FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto (insert name and address) the within bond and all rights thereunder, and hereby irrevocably constitutes and appoints attorney to transfer the within bond on the books kept for the registration thereof with full power of substitution in the premises. Dated: NOTICE: The signature to this assignment must correspond with the name as it appears on the face of the within bond in every particular, without alteration or enlargement or any change whatsoever. Signature Guarantee: NOTICE: Signature(s) must be guaranteed by a broker- dealer or a commercial bank or trust company. (End of Bond Form) rrrompol\sthbend\waterwor.ks\bondform;drf;9-7-93 Filed in Clerk's Office -9- CC 8 IRENE GAMMON CITY CLERK,SO.BEND,IN. } (iotnlntttn Sport Mu tie (dmtuwn tilounril of tip Qlit3 of£+outs firm): Your Committee of the Whole to whom was referred BILL NO. 81-93 PUBLIC HEARING ON A BILL OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AMENDING ORDINANCE NO. 8318-92 ENTITLED "AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AUTHORIZING THE ACQUISITION AND CONSTRUCTION OF EXTENSIONS, ADDITIONS AND IMPROVEMENTS TO THE MUNICIPAL WATERWORKS OF THE CITY OF SOUTH BEND, INDIANA, AUTHORIZING THE ISSUANCE OF REVENUE BONDS TO PROVIDE FOR THE COSTS THEREOF, AND AUTHORIZING THE COLLECTION, SEGREGATION AND DISTRIBUTION OF THE REVENUES OF SUCH WATERWORKS AND OTHER RELATED MATTERS". • Respectfully report that they have examined the matter and that in their opinion This bill has been recommended to the Council favorable. Chairman Thomas Zakrzewski City of South Bend Joseph E. Kernan, Mayor . 1 , 865.�1.:'. Department of Public Works John E. Leszczynski, Director September 8, 1993 South Bend Common Council 4th Floor County-City Building South Bend, IN 46601 ATTN: Mr. Steve Luecke, President Mr. Tom Zakrzrewski, Chairman Utilities Committee RE: Amending Bond Ordinance Dear Councilmen: Attached for filing please find an Amending Bond Ordinance which amends Ordinance No. 8318-92 entitiled An Ordinance of the Common Council of the City of South Bend, Indiana, Authorizing the Acqusition and Construction of Extensions, Additions, and Improvements to the Municipal Waterworks of the City of South Bend, Indiana, Authorizing the Issuance of Revenue Bonds to Provide for the Costs Thereof, and Authorizing the Collection, Segregation and Distribution of the Revenues of Such Waterworks and Other Related Matters (Bond Ordinance) . " Please note that the Amending Ordinance amends Section two of the Bond Ordinance so that it now includes a list of the Projects to be funded with the Bond proceeds . Section four of the Bond Ordinance is amended to include various provisions such as the affixing of a maximum interest rate which is set at 8% . Section 7 of the Bond Ordinance is amended to permit optional redemption on January 1, 2003, and to permit the successful bidder for the Bonds to aggregate all or some of the Bonds into Term Bonds which require less bond certificates . Further, please note that Section nine of the Bond Ordinance is amended to refer to a bond which has current date information regarding payment of the Bonds . Section ten of the Bond Ordinance is amended to provide information regarding the public sale of the Bonds . Section fourteen (14) of the Bond Ordinance is amended to indicate that the Debt Service Reserve will be funded with proceeds of the Bonds. Section fifteen (15) of the County-City Building • South Bend, Indiana 46601 • 219/284-9251 Engineering Environmental Services Equipment Services Transportation Water Works Michael Meeks, P.E. John J. Dillon, Ph. D. Phil St. Clair Bill Penn Joseph Agostino 284-9251 277-8515 284-9316 284-9444 284-9322 FAX (219) 284-9171 FAX (219) 277-8980 FAX (219) 284-9007 FAX (219) 284-9007 Bond Ordinance is likewise amended to reflect that the Debt Service Reserve will be funded out of proceeds of the Bonds . Finally, Section twenty-five (25) of the Bond Ordinance is amended to identify the actions taken by the Common Council regarding the rates charged to the users of the Waterworks . This is an overview of the changes found in the Amended Bond Ordinance. All affected Sections are referenced. Your favorable consideration is requested. Sincerel 9125 hn E. Leszczynski Director, Public Works